In the unfortunate event of falling prey to an authorised push payment (APP) scam, swift and decisive action is paramount. This article provides guidance on reporting APP scams, delineating strategies and procedures for victims to follow.
Immediate reporting to the respective bank is crucial, providing them with the opportunity to intervene, potentially stopping the transaction or tracing misappropriated funds. For banks adhering to the CRM Code, a thorough investigation ensues, contingent upon the victim having acted appropriately. Reporting any fraudulent activity promptly is essential, even if the bank is not a CRM Code signatory, as alternative assistance measures may be in place.
As the reimbursement landscape for APP scams undergoes revolutionary change, banks are compelled to recalibrate their strategies. This section provides strategic guidance for banks to navigate this new paradigm proficiently.
As the reimbursement landscape for APP scams evolves, embracing layered data analysis, instituting effective data utilisation, pivoting towards a transaction intent focus, facilitating comprehensive customer education, and establishing a robust feedback loop position banks not only for compliance with evolving reimbursement policies but also for fortifying their defences against financial malfeasance in an ever-evolving landscape.